St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-24
Yesterday the Uncertainty Which Has
Shrouded the Chicago Market Acted
as a Dead Weight.
kbortive Attempts on the Board Of Trade
to Force the July Wheat OPP
ton Above zoe.
There Was Some Mysterious Source Of
Supply, Which Produced Enough
Grain to Keep Prices Down.
Transactions in the Financial Circles of
Wall Street.-The General
Market.
Special to the Globe.

Special to the Globe.
CHICAGO, June 23.-Nothing but 'bank"
wheat sold to-day, and July was kept below
zoe. AT present there is deep mystery sur
rounding the Chicago market, and the UNI
certainty acts as a dead weight. By 1890
July wheat had sold as low as 691sc. THE
banks are unloading their wheat discreetly,"
was the observation of a trader who is re-
garded as being wise in his day and genera
ton. Three weeks ago the bank men were
loud i'll their protestations that wheat ut 75c
was rs good as 10 carat gold. Now it appears
they don't care to keep it at zoe
What has created this revulsion of feeling?
Is it because wheat is not good purchaser
Il think not. The trouble with the banks
with wheat holdings is that they do not care
to keep the stuff, because they are anxious to
avoid litigation. The odor of possible law
suits growing ont of holdings of clique wheat
is not inviting. 1 don't think there is any
concerted action among the wheat banks, but
l have seen enough TO satisfy me that the
policy is TO unload as much of the July op-
ton as possible without producing a crash"
The conviction is pretty general that the
banks, i'll unloading such large quantities of
wheat, are actuated by a desire TO
AyofD LITIGATION.
AS trading progressed to-day a feeling of
confidence was manifested. 1t the general
belief that the banks have sold this week be-
tween 100000 and 100000 bushels of
wheat and in view of the known condition
there are scores of conservative traders who
declare that the market has been surprisingly
well maintained during the trading hours.
Yesterday nine-tenths of the men interested
in wheat supposed that the American Elk
change bank was involved in the Fidelity
crash to the tune of $3.50, 900. The fact that
the market displayed the strength it mani
Tested under such circumstances to-day is
cited as the most unansWerable of bull ar
guments. The disposition on the
board was one of confidence in
the statement yesterday submitted to
the directors of the American Exchange
National bank. Vice President Dewey
would not dare TO conceal, misrepresent or
color the facts unduly,' said member of
the board, who is himself bank official
1.-The dealings of the bank during the past
few months being confessedly part of the
history of the wheat deal and that having
collapsed the cold, bare facts cannot be Gov
cred up at will. l am disposed to give
credence to Deweys statement. If it had
not been generally accepted as the truth, to-
days wheat market would have ruled several
cents lower" There were heavy sales of
cash wheat to-day, many holders being
anxious TO realize. The lowest figure was
6S7sc. Shortly before noon there were q few
sales of July wheat at 69isc.
THE ROUTINE REPORT.
CHICAGO, June 23.-The uncertainty which
has Shrouded the market acted as a dead
weight on II. Several times during the morn
ing session efforts were made to put July
wheat above 20 cents, but each time the at
tempt was a failure, for enough wheat came
out from some mysterious source to weaken
the market again. There was also consider
able cash wheat offered, supposed to be the
holdings of some of the banks but there was
a very good shipping demand, and local
mlllers also bought fair quantities. The feel
ing was rather steady, fluctuations being con-
fined within a &c range and quite firm, ex-
cept when cash wheat was pressed on the
market. During the latter part of the session
there was noticeable disposition to trade.
and the speculative market showed
more life than for several days
past. The receipts of wheat to-day were
only AZ cars. The speculative market for
corn ruled quiet during the greater part of
the day with trading chiefly in changing July
to the more deferred options. There were no
important outside features though it was re-
ported that III some sections of the corn belt
the outlook was less favorable for the grow
ing crop. Receipts were light. July opened
unchanged at 36Ac sold down to 36Isc and
closed at 365sc. There was a marked de-
crease in the general trading in oats Very
little business was done in q speculative way
Prices, however ruled steady July started
at 25ssc. sold down to 25I4c and closed at
25l2c. Speculative trading in provisions was
moderately active, but the feeling was some
what unsettled and prices fiuctuated con-
siderably, though within narrow range
The weakness in the hog market caused an
uneasy feeling at the opening and few sales
were made at slightly reduced prices. An
improved demand, however, tended to more
strength later, and prices gradually rallied to
tlplrpS rd NM he,
at $3.50 and sold up to S6.4O the closing
figure. July short ribs started lower at
s7.2Il2 and sold up to S7.32l2, the closing
figure.
The leading futures ranged as follows:
Wheat-No. June opened at 6Sssc closing
at 69s4c; July IOlsc closing at 70%c;
August, 72l2c, closing at 73c; September,
I434c. closing at 75Isc. Corn-NO. 2 June
opened at 30 ssc, closing at SEC: July, 3614c
closing at 363sc; August, 377sc, closing at
3SAe; september, 39Isc, closing at 39ssc
oats-No June opened at 23c, closing at
25ssc: July, 25ssc closing at 25I2c: August
25ssc, closing at 253sc; September, 259sc, clos
ing at 25s4c. Mess Pork per bbl-June
opened at S22, closing at s22. Lard per 100
lbs-JUne opened at $3.50, closing at 500;
s6.42l2, closing at $3.50; September $3.50,
closing at IS 60. Short Ribs per 100 lbs
June opened at S7.27l2, closing at
s sas2ss 'sy s2 s27ls eIo elGsins s7321s
September, s7.47l2, closing at s7.55,
Cash quotations were as follows: Flour
steady with little doing. Prices nominally
unchanged. Wheat-No. spring, 69I46
6912c; No. red, 72@724c. Corn-No. 2,
357sc. Oats-No. 2, 25c. Rye-No. 9, 52c.
Barley-No. 2, SIC. Flax Seed-No. 1.
S1.21l2@1.22. Timothy Seed-Prime, So. %.
Mess pork, per Dbl, $50. Lard, per 100 lbs,
S6.37. Short ribs. sides, loose, $3.50: dry
sailed shoulders, boxed S.. 1905 so; short
clear sides boxed, S7.65@7.7O. Whisky
Distillers' finished goods, 81. 10 per gal. Sugar
Cut loaf, 6ss@6ssc; granulated, 6lsc: stan
dard "a, 54sc. Receipts-Flour, 1000
bbls; wheat, Jos, 900 bu: corn, 45, 900 Blu !;
bu Shipments-Flour. ii, 900 bbls; wheat,
3S7, 900 bu; corn, 81, 900 Blu; oats. &C. 600
bu; barley, 5000 bu. On the produce ex-
change to-day the butter market was easier
dairy, 12A@15l2c. Eggs were weak at 1oIs